Chapter 6 Business Ownership and Operations

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Presentation transcript:

Chapter 6 Business Ownership and Operations 6.1 Types of Business Ownership

Organizing a Business 3 main types of business ownership Sole Proprietorship Partnership Corporation Entrepreneurs must decide which type best fits their situation . During the life of a business, the form can change. What percentage of businesses in the U.S. are: Sole Proprietorships 72% Partnerships 5% Corporations 20% Other 3%

Sole Proprietorship Sole Proprietorship: a business owned by one person Some Advantages: Easy to start In charge of their own business Some Disadvantages Unlimited Liability: the owner is responsible for the business’ debt. Limited access to credit

Partnership Partnership: a business owned by two or more people who share its risk and rewards. Some Advantages: Easy to start Easier to get financing than sole proprietorship Some Disadvantages All partners share the risk Partner disputes on how to run the business

Corporations Corporations: a company that is registered by the state and operates apart from its owners. Some Advantages: Limited Liability: holds a firm’s owners responsible for no more than the capital that they have invested in it. Easy to raise money by selling stocks. Some Disadvantages: Pay taxes on income and stockholders pay taxes on profits issued to them Government regulation

Other Ways to Organize a Business Cooperative: an organization that is owned and operated by its members. Nonprofit Organization: a type of organization that focuses on providing a service, but do not make a profit. Since they do not make a profit, they do not pay taxes. Franchise: a contractual agreement to use the name and sell the products or services of a company in a designated geographic area.

Homework Ch. 6 Definitions-Packet Review the questions on pg 98, 1-3 Complete the Reading Activity and Graphic Organizer for 6.1